NONG - Final approval of the annual accounts 2006

On 20 February 2007, the Board of Directors of Sparebanken Nord-Norge finalised its process of reviewing the annual accounts for 2006. Compared to the preliminary accounts, the Group (not the Parent Bank) increased its operating profit by MNOK 31 to MNOK 972.
 
The most important changes include (numbers from preliminary accounts in parenthesis):
 


Pre-tax operating result
MNOK 972   
(MNOK 941)
Overall cost ratio        
48,6 %
(49,9 %)
After-tax return on equity capital
24,6 %
(23,7 %)
Capital adequacy ratio (NGAAP)
10,36 %
(10,58 %)
Core capital adequacy ratio (NGAAP)    
9,77 %
(10,01 %)
 
The increase in the pre-tax operating result is caused by a revenue recognition of MNOK 31 in the Group accounts (not the Parent Bank), due to an adjusted valuation of the banks stock of securities.
 
The annual accounts will be approved in a Supervisory Board meeting on 13 March 2007.
                                                                                             
Should you have any questions, please contact Chief Executive Officer Hans Olav Karde on 77 62 24 01, Deputy Chief Executive Officer Oddmund Åsen on 77 62 20 94 or Senior Group General Manager Rolf Eigil Bygdnes on 77 62 22 11.
 
 
Tromsø, 20. februar 2007
for Sparebanken Nord-Norge
  
Kjell Kolbeinsen
Director
Information and Public Relations
 
The press release including tables can be downloaded from the following link:

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SpareBank 1 Nord-Norge is a leading provider of financial products and services in North-Norway. In addition to loans, deposits and payment transmission services, this also comprises most other savings products, as well as life- and non-life insurance products. Services and products are made available either by the bank and its subsidiaries, or through SpareBank 1 Gruppen AS's product companies.

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